The Ministry of Finance vide its notification dated 12th November 2020 has published International financial services centres authority (procedure for authority, meetings) Regulations, 2020 which deals with the meetings of the authority, their quorum and the obligations of the members.
As per the regulation, the meetings of the Authority shall be convened at least once in each quarter of the year by the Chairperson or in his absence, by any member nominated by the Chairperson, in this behalf and Four members of the Authority shall constitute the quorum for the transaction of business at a meeting of the Authority.
The Authority shall cause the minutes of all the proceedings to be maintained in the books kept for the purpose which may be in the form of binders containing loose leaves, duly numbered and a copy of the proceedings of each meeting of the Authority shall be circulated as soon as possible for confirmation of the members. The confirmed minutes shall be signed by the Chairperson or the member presiding at the succeeding meeting, and taken on record thereafter.
